Topic: Diablo Mining Company - page 7. (Read 96362 times)

Grr... I am not telling you not to follow regulations. I am telling you that the deal you put on the table is shit.

Let's recollect.
1) You took people's money, lost it and blamed nefario for your fuck up (for some reason all other corps are doing fine)
2) You promised to do buyback but you don't want to do that anymore because "fuck it?"
3) You ripped people of their BTCMC equity because you "feel" they are valueless
4) Your trade back is not fair because you force people to accept your rounding policy.
5) You change the rules mid-game whenever you feel like it regardless of what you put down in writing.

Now, you want to extend this sweet deal further by doing this bond thing and paying back in fiat 5 years from now when BTC will be worth way more than that.

Anyway I made you a fair offer in PM.

If I intend to also accept USD for investment then there are various rules and regulations I must follow.

Right, Congress is going to fix this deal...

Unfortunately, theres no way around that. Feel free to run for Congress to change that, though. My hands are otherwise completely tied.

The fact that you make it USD denominated makes it a bad deal.

So far 246 shares out of 1000 of ASICMINER are gone.

Not cheaper. Right now, ASICMINER is worth around 1.1 BTC. Which makes, by raw assets, DMC worth 0.1 BTC per share. I am offering a 0.5 BTC credit if you convert to DMC 2.0 bonds when the time comes, or 5 times more. If you think I'm offering a bad deal either way, sell your DMC shares on the open market to someone doing choice A or B.


BTCMC has no value. Yochdog says he ordered BFL units and has not been paying dividends and is not traded anywhere and you can't sell it like you can AM shares.
BTC-Mining has no value. AmazingRando still has not paid Namworld what he owes and most likely never will.

If there is any value in these, this will be retained for DMC 2.0, but as I said, I believe they have zero value.


Continued operation of DMC 1.0 makes no sense. We can not get to where we want to go from here. So either take an offering of your share of ASICMINER, or pledge your support of DMC 2.0, thats your only two options.

Problem 1) Nothing is mentioned about this sudden change of plans in the DMC asset description at https://bitfunder.com/asset/DMC, which says


Problem 3) DMC has been trading at a substantial premium to the value of 1/11 share of AM (demonstrating the value added by BTCMC) but this forced choice destroys any rational for that valuation.

Problem 4) This unsolicited, involuntary A/B choice functionally steals DMC shareholders' 1000 share stake in BTCMC, right at the time when Yochdog is due to begin ASIC mining.

You can either sell them over the counter (and transfer using proof of ownership of the BTC address used to receive them via pm to friedcat) or "convert" them to one of the passthroughs via transfer to the owner of the passthrough (per passthrough contract) and trade on that exchange.

In 60 days, DMC will no longer be honoring shares that have not taken either choice A or choice B. There are several users who have NOT claimed their shares on BitFunder, in 60 days from this date if you have not claimed them and traded them for ASICMINER or been added to the list for conversion into DMC 2.0 bonds, they will no longer be valid.

Choice A: 11 shares of DMC for 1 share of ASICMINER, whole integer amounts only.
Friedcat hasn't put ASICMINER shares onto an exchange because of the passthrus, and I think everyone is tired of waiting.

If you intend to take advantage of this offer, use https://bitfunder.com/transactions and send a multiple of 11 DMC shares to Diablo-D3, and then PM on the forum and give me the email and Bitcoin address you want friedcat to use.

Choice B: Trade 1.0 shares in for 2.0 bonds
The exact wording for the bond has not been worked out yet, but the offer will be for a zero-coupon original issue discount 5 or 10 year callable bond, or in English, it will not pay dividends and will be sold for less than the face value and you will get paid back in 5 or 10 years unless they are paid back in full at an earlier time at the company's choosing.

The bonds will earn an equivalent of 15% APY, 20% APY if paid in BTC or DMC share trades.

15% APY for 5 years: $100 -> $201.14
15% APY for 10 years: $100 -> $404.56
20% APY for 5 years: $100 -> $248.83
20% APY for 10 years: $100 -> $619.17

Due to the massive fluctuation of BTC prices and the finer details of US Federal law, bonds will be denominated in USD. However, I will still accept payment for the bonds in BTC, and at the maturity date any bonds paid in BTC or DMC shares will be paid in BTC according to the market price of BTC on that date.

I will be offering a credit of 0.5 BTC per share of DMC towards a DMC 2.0 bond.

If you intend to take advantage of this offer, please PM me so I can add you to the list of people who are interested. If, at any time in the future you wish to take choice A instead, even after the 60 day period, you may do so.

OK, I think I am just wait for you to announce that plan ,and I will convert my shares into 2.0 bonds, if I am still hold the stock at that day.

Yes. And I think your question is if you can turn 1.0 shares into 2.0 bonds, and yes, I'll be offering that.

The plan for 2.0 is basically to disrupt the cloud computing market and eat Amazon and Rackspace's lunch. The whole thing can be done better and cheaper, and I intend on DMC 2.0 being the company to pull it off. But as I said, the official plan and announcement isn't ready yet.